Big banks and fintechs joined together this week to form a new non-profit, the Financial Data Exchange, a subsidiary of FS-ISAC, designed to promote a consistent standard for data sharing and security.
In a lawsuit filed last week a payment processing company accused its former CEO and several former employees of stealing trade secrets, including customer and banking information, to start a competing business.
The SEC settled a case with the help of a little known 2013 regulation, the Identity Theft Red Flags Rule, for the first time two weeks ago. The rule requires financial institutions to implement a program to detect, prevent, and mitigate identity theft.
Research recently carried out by the Center for Quantitative Health at Massachusetts General Hospital found there have been 2,149 healthcare breaches, impacting 176.4 million patient records, since 2010.
Compliance around the Payment Card Industry Data Security Standard (PCI DSS) was down last year, the first dip observed in six years, according to a report released this week.
A new bill introduced earlier this month, the Consumer Information Notification Requirement Act, would ensure customers of financial firms are protected in the event of a data breach but has drawn the ire of trade groups.
The U.S. Department of Health and Human Services' Office for Civil Rights recently detailed steps organizations should take to secure protected health information (PHI) on electronic media and devices.
The PCI Security Standards Council released a new tool Tuesday designed to help small merchants better protect their customers' payment card data.
A California jury ruled earlier this month that Elec-Tech International Co., a Chinese competitor of semiconductor company Lumileds, misappropriated trade secrets belonging to Lumileds, and used them to develop ETI's energy efficient LEDs.
Financial services trade groups this week are pushing Congress to create a federal data breach notification standard.
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